Question

State missing items could be found from total debtors

Answer 1

Answer:

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In case of incomplete records the dual concept of accounting is not followed. Therefore, in order to prepare the financial statements for a particular period all the incomplete records should be completed by preparing various accounts. Since the credit sales are recorded in the debtors account, preparation of debtors account is very essential to determine the amount of total credit sales

Answer 2

Answer:

In most cases, you receive the value of your assets when they were turned over to the state—and nothing more. If the money was invested in instruments that gained market value after going missing, you might not benefit from those gains: States often sell assets and convert them to cash for easier management.